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Sep 30, 2023
MGP Ingredients Q3 2023 Earnings Report
MGP Ingredients reported strong results, with sales and gross profit increases. However, operating and net income decreased due to asset impairment and one-time expenses related to the Atchison distillery closure and Penelope acquisition.
Key Takeaways
MGP Ingredients reported a 5% increase in sales to $211.6 million and a 24% increase in gross profit to $73.4 million for Q3 2023. However, operating income decreased by 41% and net income decreased by 45% due to asset impairment and other one-time expenses. Adjusted operating income and adjusted net income increased by 26% and 28%, respectively.
Consolidated gross profit increased 24%.
Sales of brown goods grew 28% from the prior year period.
Sales for the Branded Spirits segment increased 6% to $66.8 million.
Ingredient Solutions business generated record results during the quarter.
Revenue by Segment
Forward Guidance
MGP is offering the following revised consolidated guidance for fiscal 2023:
Positive Outlook
- Sales are projected to be in the range of $815 million to $835 million.
- Adjusted EBITDA is expected to be in the range of $192 million to $197 million.
- Adjusted basic EPS is forecasted to be in the $5.50 to $5.65 range.
- Basic weighted average shares outstanding expected to be approximately 22.1 million at year end.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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